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November 25, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Borrego Springs, Business Loans > Borrego Springs Bank Borrego Springs Business Loans > Super 8 Motel Loan | ||||
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Tips for Getting a Franchise Loan
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Borrego Springs Bank Provides SBA Loan to Buy Super 8 Motel FranchiseBorrowing money to invest in a Super 8 Motel franchise? Borrego Springs Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Bishop, California needed money to invest in a Super 8 Motel franchise back in 2002. Borrego Springs Bank issued an SBA franchise loan. Here are the details on this California small business loan. SBA Loan Borrower SUPER 8 MOTEL SBA Loan Lender BORREGO SPRINGS BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan for a small business was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 5/8/2002 Loan Approval Gross Amount $1,130,000 Loan Approval from the SBA Of the total $1,130,000 loan amount, the SBA guaranteed $847,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Super 8 Motel franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the small business promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Best Banks in Borrego Springs, California
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